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This Research Note examines notable funding trends in the smart building startups landscape in H1 2025.  This article is based on research for our recently published Startups in Smart Buildings Report.  We highlight the major segment which received most investments, the increases in average size of funding rounds and notable strategic buyers who invested in smart buildings in 2025. We conclude with our view of a more mature, results-driven investment environment, consolidating around proven winners. Investment Trends in Smart Building Startups Analysis of the 126 startup funding rounds valued at $3.1 billion revealed some interesting trends: Smart building startups in our Building Energy Management cohort captured 46% of the total funding rounds in H1 2025. This category, which includes grid interactivity solutions, attracted 58 funding rounds. 60% of these building energy management investments were directed at European startups, particularly German firms. The concentration reflects the European Union’s clear legislative agenda towards decarbonization and energy security. […]

In this Research Note, we examine Daikin, the Japanese headquartered air conditioning manufacturer and the group’s North American strategy to strengthen its HVAC equipment and controls business for commercial and industrial buildings. Our article is based on their FY 2024 results, published 8th May 2025, investor presentations, press releases, and Memoori analysis.  It updates our previous Research Note in October 2023. Daikin Industries Ltd is the global No. 1 air conditioning manufacturer, with over 100 production sites, and ¥4,384.5 billion (around $29.7 billion) in 2024 air conditioning revenues across the 170 countries in which it operates.  In FY 2024, they reported air conditioning sales of ¥1,743.4 billion (around $11.8 billion) in the Americas. Currently, North America is Daikin’s largest regional market. Daikin is planning to accelerate its global business expansion, starting with the North American market, and establish leadership in the AI data center market. Daikin North American Acquisitions 2022 – 2025 In August 2025, […]

This research note examines the Automated Logic (ALC) business of Carrier Global. It highlights the commercial building control solutions and services offered by the company through field service contractors, recent Automated Logic acquisitions and its vertical market focus on the data center market. Our research is based on Carrier’s 2025 Investor Day Presentation, 19th May 2025, and Memoori analysis.  Automated Logic Profile Founded in 1977 and headquartered in Kennesaw, Georgia, Automated Logic, a manufacturer of building automation systems, was acquired by Carrier Corporation in 2004. Automated Logic has developed a worldwide network of authorized dealers and value-added resellers consisting of company branches and independently owned companies that design, engineer, install, and service Automated Logic systems. Their solutions control and monitor building functions such as heating, air conditioning, and lighting for commercial office, education, health care, government, and data center markets.  Brands include the WebCTRL building automation systems, OptiFlex family of network controllers, Nlyte integrated data […]